Business Services Industry
Marathon Electric Purchase Completed.(Originated from Milwaukee Journal Sentinel)
Knight Ridder/Tribune Business News, March, 1997 by Romell, Rick
Mar. 27--Regal-Beloit Corp. completed its purchase of Marathon Electric Manufacturing Corp. Wednesday, but for $278 million -- $38 million more than initially envisioned.
Regal-Beloit's announcement one month ago of an agreement to buy Wausau-based Marathon Electric for $240 million attracted a competitor and touched off a bidding war that boosted the price nearly 16 percent.
But Regal-Beloit, a Beloit-based, publicly traded manufacturer known for keeping a close eye on the bottom line, remains convinced its cash transaction is a solid purchase.
"We thought we had a great deal at $240 million," chief financial officer Kenneth Kaplan said. "At $278 million, we think we have a very good deal."
Robert W. Baird & Co....
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